INDUSTRIES
INDUSTRIES
Due to the extensive experience and knowledge of our team, we are able to assist with businesses across various industries.
If your industry isn’t listed below, this doesn’t mean that we don’t operate in your area. Just contact us to see how we can assist you.
Construction
The R&D tax credit scheme aims to reward efforts made towards overcoming these obstacles by reducing a company’s corporation tax liability.Surprisingly, HMRC data shows that less than 5% of claims for R&D tax relief come from the construction industry, despite generating over £118 billion annually.
Engineering
Our expert team of sector specialists, construction professionals, accountants, and former HMRC tax inspectors are uniquely equipped to uncover R&D expenditure in construction projects that other advisers may miss.
IT Consultancy
Not only do the activities of an IT Consultant constantly evolve as the abilities and functionalities of technology develops, but their work also allows companies in all industries to grow and remain competitive.
Software
The UK software industry has received over £15 billion in R&D funding through this scheme, with “Information and Communication” being the second-largest SME R&D tax credit applicant sector, with 12,165 claims in 2019 (23% of all UK claims) mostly for software development.
Sports Organisations
The professional sports sector in the UK is known for engaging in valuable research and development to create top-performing sporting goods. If your business falls within this industry, you may be eligible to claim up to 33% of your R&D expenses.
Cosmetics & Pharmaceuticals
R&D within science-based is not only for those in lab coats, it spans much broader than that with the majority of costs falling in the day-to-day activities of running a cosmetics or pharmaceutical company.
Food & Drink
Your Food or Beverage company may be eligible for a tax credit or cash rebate of up to 33% of your development expenses through the Research and Development Tax Credit program.
Agriculture
R&D in Agriculture involves the use of technology to enhance cultivation and farming methods and improve the efficiency, scale and sustainability of yield production and distribution.
Medical Laboratories
R&D carried out by medical labs can vary massively in its scope and nature meaning that claims can vary in size from around £5K to many millions of pounds.
Renewables
Our experts in energy, engineering, technology, and expertise have helped numerous renewable energy and cleantech clients to make a valuable contribution to this sector, supporting their R&D activities to speed up the development of next-generation energy production.
Veterinary Practices
Veterinary Practices are constantly putting additional resources into improving treatments for animals, both domestic and those in agriculture. The extent of this is often underestimated, with much of it qualifying for R&D incentives.
Aerospace
The sector employs approximately 95,000 people and is worth approximately £31 billion, with R&D to overcome uncertainty and technical challenges resulting in some of the most advanced aviation and space flight technology.
What is an R&D Tax Enquiry?
An R&D Tax Enquiry is a request from HMRC for additional information or clarification on your R&D tax relief application.
It is not uncommon, given the current state of government finances, for HMRC to conduct such enquiries with the primary goal of preventing overclaiming and fraud and examining their own practices.
If there are any issues or concerns regarding your R&D tax relief application, HMRC will typically contact you through a letter. The extent of the enquiry can range from a simple request for additional information to a challenge on the R&D status of your work under the law.
In some cases, HMRC may reject your claim, impose fines for carelessness, and demand payment of any back-owed R&D tax claims plus interest. To ensure that your claims are sturdy and compliant, it is crucial to work with a trustworthy provider of R&D consultation.
Interested in working with us?
Whether you are an accountant, advisor, or industry organisation, we find funding to take your clients further using our bespoke partnership plans.
Get In Touch With Us
Address
Kemp House, 152 - 160 City Road, London, EC1V 2NX
Phone
0330 223 6059
enquiries@yourtaxsolutions.co.uk